Your next client may be looking for you … by looking down at their phone. One in 5 Americans is looking for a financial professional to work with and of those, one-third are going to use social media to research you. Are you ready?
This is just one of the findings from the 2019 Insurance Barometer Study from Life Happens and LIMRA. Each year over the past nine years, Life Happens and LIMRA have joined forces to take consumers’ “financial pulse.”
The study tracks Americans’ financial concerns as well as the types of insurance coverage they have or are feel they need. We also explore some “hot topics” like gaining life insurance coverage through the easier, quicker simplified underwriting process, and how social media is changing the way people find financial professionals to work with.
Here are some of the key findings … for the complete study, go to www.lifehappens.org/barometer. We’ll be talking a lot more about the study and how it’s relevant to the work you do day in and day out, so stay tuned.
[NOTE: If you use these stats in other materials, please source as “2019 Insurance Barometer Study, Life Happens and LIMRA”]
Click each statistic to tweet and help spread the word.
Nearly half (43%) of Americans aren’t protecting their loved ones with life insurance. #Barometer2019
Only 20% of Americans have disability insurance to protect their income, in case they get sick or injured and are unable to work. #Barometer2019
Over half of Americans thinks the cost of a term life insurance policy is 3x or more than its actual cost. #Barometer2019
42% of Millennials estimate the yearly cost for a $250,000 term life insurance policy for a healthy 30 y/o at $1000+. Actual cost: $160/year. #Barometer2019
Affordability and value are two obstacles that deter Americans from buying life insurance. But more than half overestimate its true cost by 3x or more. #Barometer2019
1 in 5 Americans is actively searching for a financial professional to work with. #Barometer2019
42 million people are currently in the market for financial guidance. #Barometer2019
34% of those looking for a financial professional say they’d research them via social media. #Barometer2019
Of those who are using social media to research financial professionals, half are Millennials. #Barometer2019
85 million Americans use social media to learn more about financial advisors. #Barometer2019
People like simple and easy, when it comes to getting life insurance. No surprise that half (47%) like this about simplified underwriting vs. traditional underwriting. #Barometer2019
117 million Americans say they’re more likely to buy life insurance if the process is simple, fast and transparent. #Barometer2019
About 1 in 5 Americans said they are likely to buy a life insurance policy that combines features like long-term care. #Barometer2019
More consumers say they “need” insurance products than say they “own” them. #Barometer2019